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Low Rate Credit Cards

Low Interest Rate credit cards are ideal for those who are unable to pay off their balances in full each month or who don’t mind carrying a balance. This type of card keeps it simple by offering a low rate of interest on purchases but removing the unwanted rewards and extras.

Even if you are unable to repay the total amount outstanding each month, by paying off a proportion of your balance at a lower rate of interest, you will be reducing the balance much quicker as you would with a normal rate of interest credit card. Compare a number of Low Rate Canadian credit cards here.

If you know your credit rating, select it by hovering your mouse over the panel to the right and clicking on the appropriate rating. If you don’t know your credit rating, click the button to calculate it for free. This will match up your rating with lender appetite to give you the best chance of success with your application.

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Scotia Momentum No-Fee VISA Card - 7.99% APR Representative Variable

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Find out more & apply online now
  • No annual fee
  • 7.99% for 6 months on purchases - then reverts to 19.99
  • 1% cash back can be earned on all eligible gas station, grocery store, drug store purchases and recurring bill payments

The Scotia Momentum No-Fee Visa card is an entry level cash back credit card. There is no annual fee as the name suggests, so you won't feel you have to use the card just to recoup the fee. 1% cash back can be earned on all eligible gas station, grocery store and drug store purchases and recurring bill payments. If you're looking to get your first credit card and earn a good rate of cash back then this could be the card for you.

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No-Fee Scotiabank Value VISA Card - 16.99% APR Representative Variable

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Find out more & apply online now
  • No annual fee
  • 3.99% for the first 6 months on balance transfers
  • Pay down balances faster
  • Save up to hundreds of dollars a year

Pay down existing credit card debt with the No-Fee Scotiabank Value Visa Card. Reduce your borrowing costs for the first 6 months with an interest rate of only 3.99% on balance transfers, meaning that more of the payments you make will be used to repay the debt rather than service interest for a while. After this introductory period the rate of interest is slightly lower than average. Credit Card cheques can be obtained to enable you to pay tax bills or any other unexpected large bill. You will also qualify for discounts with Avis.

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Scotiabank Value VISA Card - 12.99% APR Representative Variable

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Find out more & apply online now
  • Annual fee of $29
  • 0.99% for 6 months on balance transfers
  • Pay down balances faster
  • Save up to hundreds of dollars a year

The Scotiabank Value card removes all the complicated reward based programmes, targeting those who just want a card for purchases and balance transfers. For a small annual fee of $29, you will benefit from a purchase interest rate of only 11.99% and an introductory balance transfer rate of only 0.99% for the first 6 months. By switching your balance to a lower interest rate credit card will save money and help you to pay down your balances much faster.

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National Bank Syncro - 7% - 19.99% APR Representative Variable

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Find out more & apply online now
  • Annual fee of $35
  • Prime interest rate + 4%
  • Purchase insurance included
  • Extended warranty on purchases

The Syncro credit card is National Bank's only variable interest rate credit card. Although the benefits included are limited, the rate of interest which is calculated using the prime interest rate plus 4% is lower than most of the purchase rate credit cards currently on offer. This would make it an ideal choice for those that don't mind carrying a balance from month to month. For those all-important purchases made, both purchase insurance, which provides coverage for theft or damage for 90 days from the date of purchase and extended warranty up to one additional year are included.

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RBC Visa Classic Low Rate - 11.99% APR Representative Variable

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  • Annual fee of $20
  • Great card to consolidate your balances
  • No annual fee for additional cards
  • No cashback offered

The RBC Classic Low Rate card is exactly what it is – a low rate credit card. Apart from the competitive purchase interest rate of 11.99%, there are no other added cashback or airmile incentives compared to those on other RBC cards. This card is for you if you tend to borrow on your credit card and want to keep your interest lower than you'd pay on other mainstream credit cards. The annual fee is $20 and additional cards are free.

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CIBC Select Visa Card - 13.99% APR Representative Variable

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Find out more & apply online now
  • Annual fee of $29
  • Car rental discounts of up to 25%
  • $100,000 common carrier accident insurance

The CIBC Select Visa card is an ideal choice for those who are paying too much interest on their existing credit card. With a minimum income requirement of $15,000 and an annual fee of $29, successful applicants will soon benefit from an interest rate of only 13.99%. For those that don't mind carrying a balance or who wish to cut the amount of interest they pay, this is a great option. Not only are you offered with a low purchase rate, but you can also enjoy perks such as Avis and Budget car rental discounts.

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